The use of the gross profit method assumes
a. the amount of gross profit is the same as in prior years.
b. sales and cost of goods sold have not changed from previous years.
c. inventory values have not increased from previous years.
d. the relationship between selling price and cost of goods sold is similar to prior years.
D
You might also like to view...
Promotional sales are an integral component of marketing effort in the United States
On the other hand, in countries with shortage economies, where the market is dominated by the sellers, consumers view sales with suspicion because they believe that the product being promoted is of poor quality. This situation displays a lack of ________. A) conceptual equivalence B) item equivalence C) functional equivalence D) category equivalence
Which of the following do you not have to consider when evaluating the quality of Internet resources?
A) the date the content was written or revised B) sources for factual information on a page C) the sponsorship of the website D) the name, address, and telephone number for verification E) the number of links to related newsgroups and listservs
To a libertarian, it is not unjust for some people to accumulate fortunes while others live in poverty
a. True b. False Indicate whether the statement is true or false
The Gain on Disposal from trading securities is a(n) ________
A) current asset account B) fixed asset account C) liability account D) equity account